Since many banks often do block crypto-related transactions nowadays we are discussing the best crypto friendly banks in 2022 which you could use for your crypto deposits and withdraws.
The banks that we will include on our list do vary significantly and show different approaches to crypto in the financial industry.
We will list some traditional banks with many decades of experience and new fintech companies that have completely different new ideas and thoughts on how finances should work and how they do execute it.
Since there is no 1 fit it all approach in the market, practices are to be considered among the best crypto-friendly banks, that’s why we have selected a diversified list that will work for any kind of cryptocurrency investor.
In our article, we will cover direct banks and banking-like companies that do offer you the same online money sending/converting options as a “real bank” sometimes even more with bigger selections (please do not yet expect to walk into your local bank and deposit/withdraw money)
Many of the top banks we will cover could be more seen as an EMI (Electronic Money Institution) which usually does offer nearly the same options a normal bank does offer (sometimes even more)
|Advcash||Binance Partner, Biggest card selection|
|Nuri||Bank & Crypto in one UI|
|Bankera||Established crypto-focused bank|
|Wirex||Established crypto bank with cards|
Advcash crypto bank
- Huge selection of crypto cards
- Binance partner
- Bank license in Belize
- Fiat transfers, deposits & withdraws
- KYC needed
- Unknown owner history
Advcash is one of the main players in the crypto/fiat market. Especially since its Binance partnership, it is seen as a major player in the market for fiat onboarding & withdrawals.
Since many cryptocurrency exchanges do struggle with bank transfers that are related to crypto, Advcash is your crypto friendly bank-like company to choose for easy crypto to fiat and fiat to crypto process.
Especially their huge selection of crypto cards is super interesting for a lot of people to pick and choose.
Advcash is our recommended place if you want the benefits of a regular bank/EMI combined with the benefits and instant deposit/withdraw options that crypto does offer.
Super fast, easy to use, cheap fees, and established player – what else would you want?
Some traditional banks will even go as far as to restrict you from using your credit card or sending wire transfers to register at an online exchange.
There are still plenty of banks out there that are distrusting crypto, but the trend seems clear.
As more and more people incorporate crypto into their everyday lives, meaning investing or spending in /with crypto, or other aspects of Web3 like DAOs and NFTs, it’s highly likely that even more, traditional banks will come to accept it as a part of their future business model (JPMorgan for example already has a metaverse office and offers in the Web 3 space).
There are more than a few risks involved when dealing with a bank that is not cryptocurrency-friendly
When a bank does detect transfers from known cryptocurrency exchanges (Like Binance or Coinbase), like buying some crypto or transferring it to cryptocurrency exchanges. At that time, banks do often ask you to explain the “source of funds” and the purpose of the cryptocurrency purchase precisely and will act very strange/annoying.
Just imagine your answers are not satisfying to the bank. In that case, they may freeze or permanently close your account regardless of your response to meet the guidelines set by its compliance department (They will say it is because of their “Anti-money laundering guidelines” which just means they do not even understand what you do)
If you create a new bank account, still your funds may also be frozen for some time, leaving you without access to your funds. This is why you should choose an account from a crypto-friendly bank.
Crypto friendly banks & accounts
There are some banks included that make interactions with cryptocurrency exchanges easier because of their partnerships.
Some more modern banks do operate online exclusively and have optimized mobile applications (Apps) that allow you to change multiple cryptocurrencies, set up crypto savings accounts, or sell them directly for fiat currency.
The offer/ecosystem of many banks does also include a cryptocurrency credit card or a crypto debit card from Visa/Mastercard or Maestro which all can be used nearly everywhere.
- Real-time usage/spending of cryptocurrency is easily possible
- Usually, you have the option of wire transfers or a debit card to spend crypto
- Regulated “money transfer” or full banking license in common places (like Singapore or Dubai) or other less known like in Belize.
If you are looking for a regulated “bank” or bank-like crypto alternative you should still look for some form of license or certificate because the company will need that for flawless wire transfers.
There are more and more upcoming places and small islands for example which do allow such crypto banks or hand out certificates to those.
Always make sure to check out which crypto bank would suit the best for your requirements and location.
And remember, not your key not your currency! So never store too much crypto on exchanges.
Some latest new small places opening up to crypto: Bahamas, Panama, Marshall Islands, Georgia, Palau, Mwali & much more places opening up for such options.
Nuri crypto bank account
Bitwala was originally a blockchain banking service, headquartered in Berlin, Germany which has been renamed Nuri, and is now partnering with Solarisbank to offer a perfect online bank-like experience to its users
With all the features of an online bank + the bitcoin & crypto options, it is an advanced option to buy and use cryptocurrency, especially their fund insurance is very handy for many new investors since you do at least have a basic “security”
- Based in Germany which is a steady financial hub
- Using Solaris bank/partnering with them for user-friendly UI & UX
- Interest payments on the crypto you holding aka crypto staking
Especially if you are a European-based customer, Nuri can be a very handy app/bank you could use for your crypto savings or crypto spending.
We will be curious to see how their partnership with celsius will affect them in the long term, however, we do not recommend depositing in their services that they used together/partnered with celsius until the situation has cleared out (Our like the rumours say Nexo has bought them)
The big established mainstream EMI did not rise in fame due to its crypto work but did grow in the mainstream finance world and just did state that they are pro-crypto/crypto-friendly.
They do talk about being secure since their cryptocurrency is stored in cold storage with what they call “trusted custodians”.
“Buy, sell, and send digital currencies at the touch of a button, with no hidden fees. Revolut’s cryptocurrency service is not regulated by the FCA, other than for the purposes of money laundering.”
Revolut does offer 4 different services & stages for the accounts you can use, starting with the Free plan which does still offer you all the needed options of a regular online bank provider.
The premium options do offer higher yearly yield backs on your holdings or cashback on the spending that you do.
Their service does offer purchase protection, extra “junior cards” for your kids, and many more benefits.
Bankera is an online banking service with a heavy focus on crypto, they did especially grow because of them being super crypto friendly.
In addition to that, they do offer to open a “bank account alternative” online at Bankera which does contain a dedicated personal IBAN, SEPA, and SWIFT payments to send and receive simple wire transfers.
Back in 2018 Bankera did an ICO to launch their idea and project, and it is amazing to see a working product from the last bull run, which did not just talk but worked to make it happen.
They are also super well in terms of cryptocurrency cards, they do offer physical and virtual cards.
Those cards are by the big credit and debit card provider and their partner VISA.
In their “ecosystem” they do also list spectrocoin which is a platform to take crypto based loans or for exchanging your crypto.
Wirex does offer you a huge list of options besides the normal fiat payments/withdrawals, crypto buying/selling, and their famous crypto cards.
But not only that but also crypto savings accounts, called X-Accounts.
“Wirex is a digital payment platform with a mission – to make crypto and traditional currencies equal and accessible to everyone. We’re making fintech simple”
Since its launch in 2014, Wirex customers have made a total of over $2 billion worth of transactions between cryptocurrency and traditional currencies (FIAT) like the dollar.
Easy to use cryptocurrency debit cards do round up their service, which does enable you to spend your euro/dollar and bitcoin or Ethereum from the same card in offline outlets or ATMs.
Crypto unfriendly banks
Why are banks even blocking crypto-related transactions? Banks mainly block crypto transactions because they are worried about “fraudulent activity”.
Fortunately, this is changing as more and more financial institutions ado start to offer legitimate crypto products and the industry is becoming more regulated and banks are forced to get into the space since their customers do ask them way more on social media or emails about the future of the banks and its position to cryptocurrencies.
A list of crypto unfriendly banks associated with blocking transactions:
- Starling Bank
- Lloyds Bank / Halifax
- Metro Bank
- Tesco Bank
- Virgin Money
Why use crypto banks?
Banks are often seen as one of the most important institutions in the world, as they usually provide a safe place for people to store their money and access it when needed.
Some banks are adopting cryptocurrencies, which is a good sign for the future of digital currencies. They offer services that make it easier for people to invest in cryptocurrencies or use them as an alternative way to pay for goods and services.
There are many online banks that offer cryptocurrency-related services, but there are also some traditional brick-and-mortar banks that do so too.
In the last decade, cryptocurrencies have become a global phenomenon. Blockchain technology has enabled people to transact with each other without the need for a third party.
Crypto friendly banks are on the rise as more and more people are looking to store their crypto assets in a secure and regulated environment.
Future of crypto banking
In the future of the crypto banking world, we do expect a lot of mainstream financial services like loans or mortgages and other instruments to move into the crypto space, which means you can use your cryptocurrencies like Bitcoin or Ethereum as collateral to get a loan or build your house or do other things.
Other crypto friendly banks
They did already open up a local bank branch in decentraland and bet on the future of the web 3 space.
After JPMorgan announced its move into decentraland, HSBC decided to move its first ambitions into the Sandbox Metaverse.
It is super important to check which crypto bank/crypto EMI to use for your daily usage, we hope we were able to get you a good insight into what to look for and which you should potentially avoid.
We can assure you waking up to a “frozen account” or the company going bankrupt or similar can really feel bad and recovering your crypto assets in such a case is more than unlikely.
So the general crypto rule does also apply here: Only do invest what you are willing to lose, and consider every investment made as already lost money (Will help you to stay in sane in bear markets and such situations)
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com